Gold is in an uptrend
Updated
The price of gold today, August 23rd, has increased again on the gold market after a shocking drop below the sensitive threshold of $1,900 per ounce.
Gold is rebounding in the context of the US dollar's upward momentum slowing down and a slight decrease in US bond yields. Gold is showing signs of stability ahead of Federal Reserve Chairman Jerome Powell's speech at the Jackson Hole Symposium later this weekend.
The decrease in US bond yields has also contributed to a slight recovery in gold prices recently. However, gold still needs more time to stabilize before making a strong breakthrough and fully recover.
Gold is rebounding in the context of the US dollar's upward momentum slowing down and a slight decrease in US bond yields. Gold is showing signs of stability ahead of Federal Reserve Chairman Jerome Powell's speech at the Jackson Hole Symposium later this weekend.
The decrease in US bond yields has also contributed to a slight recovery in gold prices recently. However, gold still needs more time to stabilize before making a strong breakthrough and fully recover.
Note
According to Chris Yates, yields are nearing a peak but not yet at the point of a sharp decline. The possibility of falling interest rates as well as bond yields could be the story in 2024.Note
What do you think about the gold price today?Note
Gold is still moving in the direction the Fed wantsNote
Short-term treasuries currently offer yields around 5%, which is significant competition for gold.
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